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Australian regulators will introduce new rules for the encryption market

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Australian According to reports, an Australian top financial regulatory official said, regulators will introduce new regulations to carry out the encryption monetary review of the transaction and to strengthen the review of the ICO.

In the 2018-2022 Corporate Plan announced on Friday, the Australian Securities and Investments Commission (ASIC) outlined the key areas of the period. The primary task of this list is to continue to “monitor the hazard threats of emerging products,” such as ICO and cryptocurrencies.

In addition, for 2018 and 2019, ASIC said it is developing a new framework to apply the principle of “regulating market infrastructure providers to cryptographic exchanges” and intervening “the emergence of bad behavior, creating a potential for consumers and investors. The field of harm.

According to the ASIC website, its current market infrastructure principles include licensing programs. Through the program, it will seek to oversee financial market operators, settlement facilities, derivatives trading, and market participants.

The ASIC program framework Australian the agency’s cross-sectoral efforts to implement regulatory approaches, such as dispatching field staff to financial institutions related to emerging technologies such as cryptocurrency.

Currently, Australia’s cryptocurrency exchanges must comply with the understanding of customers and anti-money laundering standards implemented by the country’s financial intelligence agency Austrac.

However, ASIC did not issue any relevant regulations for encrypted exchanges, but last year issued guidelines for companies wishing to launch ICO.

Earlier, a public company in Australia sought to raise funds through token sales to build a crypto exchange.

According to CoinDesk’s previous report, an IT company called Byte Power Group has begun selling its proprietary tokens to private investors in Australia and Singapore to raise a total of $15 million.

[su_quote]This article is writing on 10 Sept 2018 based on information available online & news portal. If you feel it’s outdated or incorrect, please write here to update it. Mail us: [email protected] Or Whatsapp Us- +13098896258[/su_quote]

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